JOYY Inc. (YY) recently reported a significant improvement in its quarterly financials for the fourth quarter of 2023. The net income attributable to the controlling interest in the company reached US$45.8 million or US$0.74 per ADS, contrasting with the net loss of US$377.5 million or US$5.38 per ADS during the same period the previous year. This loss in 2022 stemmed primarily from an impairment loss from an equity method investment acknowledged in that quarter.Regarding non-GAAP net income per ADS, there was a considerable increase during the fourth quarter of 2023, reaching US$1.01, up from US$0.65 the previous year. This found the company surpassing predictions from analysts polled by Thomson Reuters, who had anticipated a report of earnings of $0.77 per share for the fourth quarter. Notably, these analysts’ estimates typically exclude exceptional or non-recurring items.However, the company registered a slight dip in net revenues for the final 2023 quarter, which fell to US$569.8 million from US$604.9 million the previous year. Despite this, it came in above the analysts’ forecast of US$558.3 million for the quarter.In terms of live-streaming revenues, the fourth quarter of 2023 saw a decrease to US$486.2 million, compared to US$527.4 million during the same period in 2022. This decline followed the company’s intentional adjustments to certain non-core products. However, this was partially mitigated by the increase in live-streaming revenues generated by BIGO, a subsidiary of JOYY Inc.Looking ahead to the first quarter of 2024, JOYY Inc. predicts that net revenues are set to fall between US$543 million and US$560 million.The material has been provided by InstaForex Company – www.instaforex.com
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